ProCap Financial
BRR · NasdaqTreasury vehicleHighUnited States
BTC held
5,405
as of May 29, 2026 · 0.026% of 21M
Value now
$414M
at BTC $76,634
Basic mNAV
0.49×
mkt cap $201M as of Aug 28, 2026
Sats per share
5,968
91M shares as of Aug 31, 2026
Cost basis
- Average cost per BTC
- $93,351
- Total invested
- $467M
- Unrealized gain
- $-90M (-17.9%)
Treasury debt
- 0.00% Convertible Senior Secured Notes due 2028, sold at 97% of par to help fund BTC purchases at the June 2025 launch; conversion price ~$13.00/share (76.9 shares per $1,000); collateralized 1:1 with cash and BTC (BTC valued at 0.50:1) — as of Feb 12, 2026 secured by 3,000 BTC plus $26.7M cash at U.S. Bank. · 0.00%$235M · due 2028
Recent activity
Bought 450 BTC for ~$35.4M on Mar 2, 2026 (raising holdings to 5,457), then sold 52 BTC in late May 2026 to fund a 2-million-share buyback at ~$1.74/share — roughly a 50% discount to NAV — leaving ~5,405 BTC as of May 29, 2026 under a $100M buyback authorized in Dec 2025. Cost-basis figures above are from the FY2025 10-K (5,000.47 BTC at $466.8M as of Dec 31, 2025) and shift modestly with the 2026 trades.
Risk notes
Stock trades at a persistent ~40-50% discount to NAV ($2.15 vs $3.47 NAV/share at May 29, 2026); the $235M zero-coupon converts due 2028 sit far out of the money (conversion ~$13 vs ~$2.22 stock), implying likely cash repayment/refinancing, and 3,000 of its BTC are pledged as note collateral. FY2025 included a $54.5M realized loss on BTC sales from active repositioning.
Sources
- https://www.sec.gov/Archives/edgar/data/2076163/000149315226007352/form10-k.htm
- https://www.sec.gov/Archives/edgar/data/2076163/000121390025120791/ea026875701ex99-1_procap.htm
- https://bitcoinmagazine.com/news/procap-financial-brr-sells-52-bitcoin
- https://bitcoinmagazine.com/news/procap-financial-brr-buys-450-bitcoin
- https://www.theblock.co/treasuries/cccm
- https://stockanalysis.com/stocks/BRR/
- https://www.globenewswire.com/news-release/2025/06/23/3103348/0/en/Anthony-Pompliano-Strikes-1-Billion-Merger-to-Create-ProCap-Financial-Raises-Over-750M-in-Largest-Initial-Fundraise-in-History-for-Public-Bitcoin-Treasury-Company.html
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding BRR securities.